SINGAPORE, April 18 (Reuters) - Chicago wheat futures rose
on Tuesday after the market's drop to a 10-day low in the
previous session triggered a bout of bargain-basement buying.
Meanwhile soybean prices remained under pressure from lower
U.S. crushing in March, although strong Chinese demand kept a
floor under the market.
FUNDAMENTALS
* Wheat lost almost 3 percent in the last two sessions
of declines as rains improved prospects for the hard red winter
wheat crop across the U.S. grain belt. But bargain hunters have
supported the market as funds cover short positions.
* For soybeans, a monthly report showed that U.S. processors
crushed fewer soybeans than expected during March.
* The National Oilseed Processors Association said that its
members crushed 153.060 million bushels during March, up from
142.792 million bushels in February. But a year ago, the March
crush totalled 156.690 million bushels.
* Analysts had expected a March crush of 156.728 million
bushels, based on an average of estimates in a Reuters survey.
* The soybean market is likely to be underpinned by strong
demand from China in the months ahead. China, the world's
largest soybean buyer, imported 6.33 million tonnes of the beans
in March, a record for the month.
* Improving crushing margins provided additional support for
the market. Margins for processing imported soybeans in Shandong
JCI-SBMG-SHDNI have started improving after hitting
most-negative since August last week.
MARKET NEWS
* Asian stocks pulled back in early trade on Tuesday, while
the dollar bounced back from a five-month low after the U.S.
Treasury Secretary's comments supported a stronger currency,
although escalating tensions over North Korea capped gains.
DATA AHEAD (GMT)
1230 U.S. Housing Starts March
1255 U.S. Redbook weekly
1315 U.S. Industrial Production March
Grains prices at 0107 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 422.00 1.00 +0.24% -2.60% 431.25 40
CBOT corn 367.25 0.75 +0.20% -0.47% 364.17 55
CBOT soy 952.25 -1.00 -0.10% +0.47% 977.86 47
CBOT rice 10.09 -$0.01 -0.10% -0.88% $9.90 55
WTI crude 52.63 -$0.02 -0.04% -0.90% $50.15 64
Currencies
Euro/dlr $1.064 $0.003 +0.30% +0.27%
USD/AUD 0.7574 0.000 +0.03% +0.09%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
hundredweight
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Kenneth Maxwell)

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